In his speech, Mr Hartzer ranked Dr Morgan alongside other Westpac leaders who not only changed their banks but the industry as a whole, the likes of Alfred Davidson, Bob White, Bob Joss and Gail Kelly.
“In David’s case his influence goes well beyond Westpac, and even beyond banking,” Mr Harzter said.
In attendance at the book launch on Thursday aside from Mr Hartzer was former prime minister Paul Keating, former foreign minister Bob Carr and Secretary of the Department of the Prime Minister and Cabinet Martin Parkinson, among others.
The book by Oliver Brown traces Dr Morgan’s life from singing alongside Olivia Newton-John, being accused by the ruler of Sierra Leone of being a CIA agent whilst a young economist at the International Monetary Fund, to his time working for former prime minister Paul Keating and eventually to the top of corporate life.
“As a young treasury official, he played a central role in designing many of the economic reforms of the Hawke-Keating government, which have underpinned Australia’s 28 years of uninterrupted economic growth,” Mr Hartzer said.
Mr Keating outlined in the book how pivotal Dr Morgan was to the economic reforms instituted by the Labor Party in the 1980s.
“The cabinet decided to embark on the biggest fiscal consolidation in the history of the OECD,” Mr Keating wrote. “From 1983 until 1989, he [Morgan] was the officer most charged with the burden of these responsibilities.”
Dr Morgan had a role to play in the floating of the Australian dollar, deregulating the finance industry and the famous 1985 tax summit where the idea of a broad based consumption tax was first proposed.
Mr Hartzer also paid tribute to Dr Morgan’s leadership skills.
“If there’s one thing that I think really matters when you’re assessing a CEO, it’s the quality of the team they create and people they develop on their watch. In this regard, David’s commitment and track record are outstanding.”
The biography was sent to press prior to the release of Kenneth Hayne’s recommendations from the banking royal commission, however it appears Dr Morgan’s advice in the book was heeded.
“I would advise Hayne to focus on two main things: first, for banks to act in an ethical and responsible manner. Second, to ensure product sales are resolutely and completely aligned with customer needs,” Dr Morgan said in the book.
“It takes a long time to change cultures in such organisations,” he said. “That might be an inconvenient truth, but it is a fundamental one.”
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